BUSINESSMAN Tom Scott refused to be drawn yesterday on reports of an imminent takeover of CI Traders. But he said there were currently no plans to sell Cimandis or Safeway.
The company’s board announced months ago that it was in advanced talks with a party that might or might not lead to an offer for the group.
But it would appear no more firm details are likely to be made public until any deal is sealed and shareholders have been informed.
‘We are still in talks, but we are not going to be signing anything this week or next week,’ confirmed executive chairman Mr Scott yesterday afternoon.
‘We are still in negotiations. We are in talks and I must not say more than that. I want to know as early as anybody else.
‘We are being as open as we can. We have heard the rumours about Cimandis and Safeway being sold and it’s not the case,’ he said.
But he was unable publicly to give any assurances to staff.
The head of one of the Channel Islands’ largest employers, Mr Scott insisted recent media speculation about an imminent sale was misleading.
‘You are making the news and know more than me,’ he joked.
‘I can confirm and deny that a takeover is imminent.’
He said reports of a meeting 0of managers and directors scheduled to take place at St Pierre Park two days ago were news to him and ‘laughable’.
In a statement in March confirming advanced talks, the company announced that its results would not be released before early May, at which time the board would update the market on progress regarding takeover talks.
Earlier yesterday afternoon, Cimandis managing director Paul Luxon refused to comment on speculation that the company had been sold.
CI Traders Ltd was created by a merger of two of the Channel Islands’ largest companies, Ann Street and Le Riche Group, and can trace its origins back to 1818.
The AIM-listed group is a significant operator of consumer and leisure sector businesses, operating in the Channel Islands, the UK and France.
Article posted on 19th May, 2007 - 12.00am
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